Gov. Rick Snyder last month confirmed that the Pontiac School District was in financial emergency. Options included accepting a consent agreement, appointment of an emergency manager, a neutral evaluation process or a Chapter 9 bankruptcy filing.

The district faces a roughly a $38 million deficit. Interim Superintendent Kelley Williams says she'll follow the agreement's terms.

Aimee McKeever, president of the teachers union, says the consent agreement equals a "dictatorship" by the state treasurer's office.

The city of Pontiac, located north of Detroit, has an emergency manager.